The much-applauded Gold for Oil Policy will be implemented beginning next month, Vice President Dr. Mahamudu Bawumia has announced.
The Oil for Gold initiative, announced by the Vice President last month, will see Ghana pay for imported oil products with gold, in a move which the Vice President explained will impact positively on Ghana’s US Dollar foreign exchange reserve, fuel prices and general cost of living.
Writing on his Facebook page on Thursday, Vice President Bawumia announced that the initiative will start next month with the first delivery of oil products under the policy.
“I am happy to announce that the Government of Ghana has concluded the arrangements for the operationalization of the Gold for Oil policy,” Dr. Bawumia wrote on his official Facebook account.
“Consequently, the first oil products under the policy will be delivered next month (January 2023). My thanks to the Minister for Energy, Minister for Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, PMMC and BOST for their leadership in the operationalization of the Government’s Gold for Oil Policy. God bless our homeland Ghana,” he concluded.
The policy has been described variously, on both the local and international scene as a game changer.